Balance Sheets Now Matter As Much As AI Stack and Power

How capital deployment by IREN, CRWV and other Neoclouds is separating winners from followers in AI infrastructure

The recent wave of convertible debt offerings from AI infrastructure providers marks a fundamental shift in how the market evaluates this sector. IREN’s $2.3 billion raise at a blended 0.625% coupon and CoreWeave’s $2+ billion offering reportedly pricing between 1.5-2% according to market sources both closed with strong institutional demand, greenshoes …